Volta inks exploration deals with two First Nations for Falcon West lithium project

Volta Metals (CSE: VLTA) has signed agreements with the Whitesand and the Animbiigoo Zaagi’igan Anishinaabek (AZA) First Nations outlining a co-operation framework for the second phase of exploration at its Falcon West lithium project, located northeast of Thunder Bay, Ont.

The company says the agreements recognize the significance of the affected lands to the First Nations. In return, the Indigenous communities have provided their consent for Volta’s exploration activities. The agreements contain measures to accommodate, prevent, mitigate and address concerns, including impacts to Indigenous rights, cultural values, and the environment in relation to Volta’s exploration programs.

“These agreements solidify our mutually beneficial working relationship with the communities in the traditional territories where we are advancing our exploration efforts,” said Volta’s President and CEO Kerem Usenmez. “These exploration agreements come in a very timely manner, as we advance the Falcon West Lithium project including initial drill testing and expansion of the known and recently discovered pegmatite dikes.”

The agreement with the AZA also grants to the First Nation 100,000 common share purchase warrants for Volta shares. Each warrant will entitle the holder to purchase one common share of the company for 10¢ for a period of five years from the date the warrants are issued. The warrants are subject to a hold period of four months.

The second phase of exploration is to begin immediately and will include mechanized stripping of the overburden around the discovered pegmatites. Diamond drilling is planned to outline the lithium-cesium-tantalum mineralization.

The Falcon West project lies just east of Green Technology Metals‘ (ASX: GT1) prospective flagship Seymour project, where the company hopes to start production as soon as 2025. GT1 last month also inked an exploration agreement with the Whitesand First Nation. 

Volta shares traded at 18¢ in Toronto on Monday afternoon, valuing the company at $7.1 million. Its shares traded in a 52-week range of 6¢ and 25¢.